Financial Daily from THE HINDU group of publications
Thursday, May 05, 2005
Financial Daily from THE HINDU group of publications Thursday, May 05, 2005 |
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Industry & Economy
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Foreign Direct Investment IBM among 29 FDI proposals cleared Our Bureau
New Delhi , May 4 THE US-based IBM's proposal to set up a wholly-owned subsidiary in India through its Hong Kong-based subsidiary IBM Products AP Ltd for undertaking trading activities involving foreign direct investment (FDI) worth Rs 65.5 crore was among the various FDI proposals cleared by the Government on Wednesday. The company would also undertake manufacturing, importing, marketing, distribution and export of IT systems. A total of 29 FDI proposals were approved by the Finance Minister, Mr P. Chidambaram, here. The proposal from the German partner of Nivea India, Belersdorf AG, to set up a wholly-owned subsidiary to undertake manufacturing and sale of a diverse range of skin care, personal care products and cosmetics involving FDI worth Rs 17 crore was also okayed. Shriram EPC Ltd's plan to bring in 20.16 per cent foreign equity in the company through the Mauritius-based Uno Investments involving FDI worth Rs 30 crore has also received clearance. The other FDI proposals approved include Brightstar Telecom's application worth Rs 5 crore to import telephones, mobile phones, wireless devices, infrastructure and accessories in the telecom sector. Tamil Nadu-based Deft Enterprises' proposal for the manufacture of Indian spices and packaging products involving FDI worth Rs 5 crore has also been given the go ahead by the Minister. Honda Express's plan to invest Rs 4.16 crore at its Gurgaon base to set up a wholly-owned subsidiary for logistics services, warehousing and sub-assembly business too has been cleared.
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